Tinubu Seeks National Assembly Approval for $2.3bn External Loan, $500m Sukuk Issuance

President Bola Tinubu has written to the National Assembly, seeking approval for a fresh external borrowing of two point three billion dollars.

This is in addition to a plan to issue a five hundred million dollars sovereign Sukuk, which will mark Nigeria’s debut in the international Islamic finance market.

The request was contained in a letter read on the floor of the House of Representatives by Speaker Tajudeen Abbas.

The borrowing plan seeks legislative approval for external financing to implement the 2025 Appropriation Act, refinance maturing Eurobonds, and expand Nigeria’s debt instruments to include Islamic finance products.